I'm not serious follower of it here in Los Angeles, yet it seems like people are losing their as*es out here. They all overpaid and can't hang with a $2,000 - $4,000 a month mortgage. I see a lot of property in the high desert area going for half of the asking price as of last year. If you can hold onto your money for awhile this place is gonna drop out. I would go on craig's list LA and take a look at the prices for housing, then take that price and cut it in half. And that's probably where it's all gonna end up, at least 30-40% off.